9 Tips To The Right Student Loan Consolidation Services

Consolidate Student Loans

Since there are so many loan consolidation programs being offered out there, it is confusing to choose the right student loan consolidation service for you. When you are trying to get the right service, make sure you look for the features below....

Can You Consolidate Defaulted Student Loans?

Consolidate Student Loans

If you have recently graduated from college and still haven’t found a job, you might wonder if you can you consolidate defaulted student loans. Student loans will show as defaulted if you haven’t made your payments for at least 270 days, if you fall into this category this article may be able to offer some help....

How Do I Consolidate My Child’s Student Loan?

Consolidate Student Loans

The student must be out of school (enrolled half time or less) in order to qualify for consolidation. You need to be in the grace period of the loans (the months between leaving school and when you must start making loan payments) or you must be actively paying on the loan and be current on your payments....

Student Loans Online Student Loan Consolidation

Consolidate Student Loans

Over the years, student loan consolidation has taken the advantage of internet and started to offer its service online. Although filing your loan consolidation online can seem convenient, it is your responsibility to understand the pros and cons of online student loan consolidation....

How Can I Consolidate Private Student Loans?

Consolidate Student Loans

If you’ve graduated and have more than one private student loan, you might be asking How Can I Consolidate Private Student Loans? This article will give you information on private student loans and answer the question How Can I Consolidate Private Student Loans?...

Three Insiders Tips For Worldwide Student Loan Consolidation

Consolidate Student Loans

Assuming that you obtained private loans in order to study abroad, you may find that consolidating the loans is tough. Not only is it tough to find companies who are willing to consolidate loans that were for use overseas, you will find that the interest rates are much more expensive than loans given to students who studied at home....

What You Should Know About The Bankruptcy Student Loan

Consolidate Student Loans

As you may have heard, millions of Americans are filing bankruptcy forms to discharge their outstanding debts once and for all. They’re filling out application forms to end harassing creditor calls, stop foreclosure on their homes, halt repossession of their cars and get rid of medical bills or credit card debts they can never possibly pay off...

Three Tips For Federal Student Loan Consolidation

Consolidate Student Loans

Federal student loan consolidation can be a great option for many people. You can generally still keep all the wonderful benefits of the federal loan programs, and possibly lower your payments or extend the deferment time. Here are a few tips that should help you during the process....

Six Things To Consider With Student Loan Consolidation Interest Rates

Consolidate Student Loans

If you have recently received your degree, you might wonder how to get the student loan consolidation interest rates. Student loan payments may be due the very month you graduate so this article will show you how to get the student loan consolidation interest rates....

Can I Consolidate My Student Loans More Than Once?

Consolidate Student Loans

Many people ask themselves, Can I consolidate my student loans more than once? If you have already obtained a consolidated student loan, you may notice a need for another consolidation. If you have not received a consolidated loan, knowing the reasons for a re-consolidation will be helpful when choosing a company for your original consolidation...

Consolidate Student Loan – Don’t Lose Control Of Your Payments

Are you aware that you can consolidate your student loan? It is practically impossible to get a decent job these days without a college education and for many—especially those with multiple degrees—this means that by the time they graduate they are weighed down with a bunch of student loans. Although loans are a necessary evil for just about everybody that wants to get through college, they can quickly spiral out of control if you can’t keep up with the payments. In such cases, consolidation is your best bet.

All it means when you consolidate is that all of your student loans are “bought out” by a lender (possibly even the lender that holds your current loans) and pulled together into one loan. You are then able to pay on all your loans in one monthly payment, rather than a bunch of smaller payments. You save money in the short term because you are making lower monthly payments, but it will be over a longer period of time.

Before you consolidate there are a few things you have to realize. The first thing you have to understand is that you do have to actually qualify for loan consolidation, which means that you have to be in good standing on all your student loans. To be considered “in good standing” you need to have made three full monthly on-time payments on each of the loans that you want to consolidate or still be within your post-graduation six-month grace period. By making your payments on time you demonstrate that you are responsible and this boosts your chances of being accepted for consolidation. Remember that your lender will treat you as if you are applying for an entirely new loan and will consider the risk involved in dealing with you, your responsibility, and your reliability.

Another factor you have to think about is that consolidation will cause you to pay more money for your loan in the long run. While you do save money immediately, the accumulated interest will ultimately cost you more over the life of the loan. The smaller payments help you deal with all of your other monthly bills and expenses in the short term but interest continues to build on your loan all the while. What this boils down to is that you are only going to be paying a little bit a time on the principal (the full amount of your loan, not counting interest or other fees). Most of your monthly payment will actually be going towards paying on the interest on your loan, which means that it will take you longer to pay it off.

Conclusion

If you are saddled with a bunch of student loans, you should definitely consider consolidation. Consolidation helps you handle your student loans because it allows you to make one large monthly payment on one loan rather than a bunch of small payments on several loans. This payment will also generally be for a smaller amount than what all of your smaller payments would be added up. Consolidate your student loans today and help yourself.